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EU to investigate Audi for Hungarian state aid

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EU to investigate Audi for Hungarian state aid

The European Commission has recently announced it decided to start a review of the government granted financial state aid that Hungary leveraged for Audi, seeking to probe whether its proceeds meet EU regulations.

The Commission is the executive body of the European Union and has announced yesterday that it’s considering an in-depth review of a Hungarian state plan to give Volkswagen AG’s luxury division Audi no less than 133.3 million euros ($181.8 million) in the form of a financial state support.

“Given the size of the project and the market share of the Volkswagen Group – the owner of AUDI – the Commission needs to verify the impact of the project on regional development and whether the aid is necessary to carry out the investment in Gyor,” the EU announced in a statement.

The probe was started after a planned investment was announced by Audi in the Hungarian town of Gyor, in the western part of the country, worth 1.2 billion euro. The EU executive said it’s concerned that the projected implication by Audi in the region and the decision by the government to grant the aid could endanger competition between automakers in the Central European country.

Via Reuters

by Aurel Niculescu (my Google+) - Thursday, July 10th, 2014 - filed under Audi, Industry, News. Image credit: .
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